Question 1 [30 points] Two Canadian workers, Cedric and Kristen, can each produce televisions or coffee. Cedric can produce either 50 kg of coffee or 1 television per month. Kristen can produce either 160 kg of coffee or 1 television per month. Note: Please be sure to be as accurate as possible and to round your answers to two decimal places. When plotting lines on the graph, select which line you want to plot from the drop down menu at the top of the graph. a) Plot Canada's production possibilities curve by plotting at least 3 points on the curve. Select which item you want to graph from the drop down menu at the top of the graph to manipulate that item. Canada's Production Possibilities Curve Canada's Production Possibilities Curve Consumption at World Price of 1 television for 80 kg of coffee Consumption at World Price of 1 television for 180 kg of coffee 360 320 280 Coffee (kg) 240 200 160 120 80 40 0.5 1.5 2 2.5 Reset Televisionsb) How much of each good is produced if each worker specializes according to comparative advantage? Televisions = 0 Coffee = 0 Answer c) - e) assuming that world prices are such that 1 television trades for 80 kg of coffee on international markets. c) If Canada is open to trade, show Canada's consumption possibilities on the graph above by plotting at least 2 points on the curve. Select which item you want to graph from the drop down menu at the top of the graph to manipulate that item. d) What is the most of each good that Canadians can consume when the economy is open? Televisions = 0 Coffee = 0 e) How much more can Canadians consume when the economy is open as opposed to when it is closed? Televisions = 0 Coffee = 0 Answer f) - h) assuming that world prices are such that 1 television trades for 180 kg of coffee on international markets. f) If Canada is open to trade, show Canada's consumption possibilities on the graph above by plotting at least 2 points on the curve. Select which item you want to graph from the drop down menu at the top of the graph to manipulate that item. 9) What is the most of each good that Canadians can consume when the economy is open? Televisions = 0 Coffee = 0 h) How much more can Canadians consume when the economy is open as opposed to when it is closed? Televisions = 0 Coffee = 0